{smcl}
{txt}{sf}{ul off}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}\\file\UsersW$\wrr15\Home\My Documents\My Files\FIGO'S PAPER\REVISION FOR ECONOMICS E-JOURNAL\Revision (20180407)\FILES FROM FIGO (20180420)\Robust2Results.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}20 Apr 2018, 09:07:55
{txt}
{com}. 
. etime, start
{txt}
{com}. 
. use "\\file\UsersW$\wrr15\Home\My Documents\My Files\FIGO'S PAPER\REVISION FOR ECONOMICS E-JOURNAL\Revision (20180407)\FILES FROM FIGO (20180420)\FullSample1998-2011.dta"
{txt}
{com}. 
. rename YEAR year
{res}{txt}
{com}. 
. keep if ASSETS>0 
{txt}(0 observations deleted)

{com}. keep if PROFITS>0
{txt}(0 observations deleted)

{com}. keep if EMP>8
{txt}(0 observations deleted)

{com}. drop if DEBT<0  
{txt}(0 observations deleted)

{com}. 
. // We need to delete the fake MNCs by using the following two criteria
. 
. keep if FOREIGNCAPITAL > 0
{txt}(19,083 observations deleted)

{com}. gen ratio = FOREIGNCAPITAL/TOTALCAPITAL
{txt}(40,241 missing values generated)

{com}. keep if ratio > 0.25
{txt}(9,873 observations deleted)

{com}. 
. gen d=substr(regst_type,1,1)
{txt}
{com}. 
. count if d=="1"| d=="2"
  {res}0
{txt}
{com}. drop if d=="1" | d=="2" 
{txt}(0 observations deleted)

{com}. // 1 means the state-owned and private enterprise of China. 2 means the enterprises 
. // invested by HMT(Hong Kong, Macao, and Taiwan). 3 means the enterprise invested by foreign economies except HMT.
. 
. keep if d == "3"
{txt}(54 observations deleted)

{com}. 
. // We use ETR
. keep if ETR<100
{txt}(0 observations deleted)

{com}. keep if ETR>0
{txt}(0 observations deleted)

{com}. 
. // If we want, we can redo the analysis by dropping all observations where ETR > 33 percent.
. // drop if ETR > 33
. 
. 
. // This creates year dummies
. tabulate year, gen(year)

       {txt}year {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
       1998 {c |}{res}      2,218        1.57        1.57
{txt}       1999 {c |}{res}      2,647        1.88        3.45
{txt}       2000 {c |}{res}      3,192        2.26        5.71
{txt}       2001 {c |}{res}      3,771        2.67        8.38
{txt}       2002 {c |}{res}      4,555        3.23       11.61
{txt}       2003 {c |}{res}      5,552        3.93       15.54
{txt}       2004 {c |}{res}      9,088        6.44       21.98
{txt}       2005 {c |}{res}      9,779        6.93       28.91
{txt}       2006 {c |}{res}     11,670        8.27       37.17
{txt}       2007 {c |}{res}     13,152        9.32       46.49
{txt}       2008 {c |}{res}     14,820       10.50       56.99
{txt}       2009 {c |}{res}     20,855       14.77       71.76
{txt}       2010 {c |}{res}     19,034       13.48       85.25
{txt}       2011 {c |}{res}     20,825       14.75      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}    141,158      100.00
{txt}
{com}. // To make the output easier to read, we rename the year dummies
. rename year14  y2011
{res}{txt}
{com}. rename year13  y2010
{res}{txt}
{com}. rename year12  y2009
{res}{txt}
{com}. rename year11  y2008
{res}{txt}
{com}. rename year10  y2007
{res}{txt}
{com}. rename year9  y2006
{res}{txt}
{com}. rename year8  y2005
{res}{txt}
{com}. rename year7  y2004
{res}{txt}
{com}. rename year6  y2003
{res}{txt}
{com}. rename year5  y2002
{res}{txt}
{com}. rename year4  y2001
{res}{txt}
{com}. rename year3  y2000
{res}{txt}
{com}. rename year2  y1999
{res}{txt}
{com}. rename year1  y1998
{res}{txt}
{com}. 
. // This sets the sample we will work on in the subsequent analysis
. quietly reg lnPROFITS ETR lnSALES lnEMP lnGDP lnKLRAT lnSKILL lnLABOR lnMARK ///
> lnPOPDEN lnINFRAS lnFINANCE lnINVFOR y2005-y2009 if year < 2010, vce(cluster FIRM_id)
{txt}
{com}. gen insample = e(sample)
{txt}
{com}. 
. ***********************
. ***********************
. ******           ******
. ******  ASSETS   ******
. ******           ******
. ***********************
. ***********************
. 
. // This restricts the sample to those cases where we have 
. // between 2 and 5 observations per firm ID 
. keep if insample == 1
{txt}(83,356 observations deleted)

{com}. bysort FIRM_id: egen N = count(FIRM_id)
{txt}
{com}. keep if N > 1 & N < 6
{txt}(13,059 observations deleted)

{com}. tabulate N

          {txt}N {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
          2 {c |}{res}     12,416       27.75       27.75
{txt}          3 {c |}{res}     13,230       29.57       57.32
{txt}          4 {c |}{res}     11,932       26.67       83.99
{txt}          5 {c |}{res}      7,165       16.01      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}     44,743      100.00
{txt}
{com}. 
. // This next section produces the results for TABLE 11
. 
. // This calculates the xbar terms
. foreach i in ETR lnSALES lnEMP lnGDP lnKLRAT lnSKILL lnLABOR lnMARK lnPOPDEN lnINFRAS lnFINANCE lnINVFOR y2006 y2007 y2008 y2009 {c -(}
{txt}  2{com}. bysort FIRM_id: egen `i'bar = mean(`i')
{txt}  3{com}. {c )-}
{txt}
{com}. 
. ******** WITHOUT INTERACTION EFFECT ***********
. 
. nbreg ASSETS ETR lnSALES lnEMP lnGDP lnKLRAT lnSKILL lnLABOR lnMARK lnPOPDEN ///
>   lnINFRAS lnFINANCE lnINVFOR y2006-y2009 ETRbar lnSALESbar lnEMPbar lnGDPbar ///
>   lnKLRATbar lnSKILLbar lnLABORbar lnMARKbar lnPOPDENbar lnINFRASbar lnFINANCEbar ///
>   lnINVFORbar y2006bar y2007bar y2008bar y2009bar if insample == 1, dispersion(constant) vce(cluster FIRM_id)

{txt}Fitting Poisson model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-6.487e+09}  
Iteration 1:{space 3}log pseudolikelihood = {res:-2.565e+09}  
Iteration 2:{space 3}log pseudolikelihood = {res:-1.135e+09}  
Iteration 3:{space 3}log pseudolikelihood = {res:-8.716e+08}  
Iteration 4:{space 3}log pseudolikelihood = {res:-8.424e+08}  
Iteration 5:{space 3}log pseudolikelihood = {res:-8.416e+08}  
Iteration 6:{space 3}log pseudolikelihood = {res:-8.416e+08}  
Iteration 7:{space 3}log pseudolikelihood = {res:-8.416e+08}  
{res}
{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-2.209e+09}  
Iteration 1:{space 3}log pseudolikelihood = {res:-570077.84}  
Iteration 2:{space 3}log pseudolikelihood = {res:-527038.95}  
Iteration 3:{space 3}log pseudolikelihood = {res:-520503.14}  
Iteration 4:{space 3}log pseudolikelihood = {res:-520463.49}  
Iteration 5:{space 3}log pseudolikelihood = {res:-520463.47}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-520463.47}  
Iteration 1:{space 3}log pseudolikelihood = {res:-507902.13}  
Iteration 2:{space 3}log pseudolikelihood = {res:-505715.64}  
Iteration 3:{space 3}log pseudolikelihood = {res: -502782.3}  
Iteration 4:{space 3}log pseudolikelihood = {res:-502206.04}  
Iteration 5:{space 3}log pseudolikelihood = {res:-502157.27}  
Iteration 6:{space 3}log pseudolikelihood = {res:-502155.97}  
Iteration 7:{space 3}log pseudolikelihood = {res:-502155.97}  
{res}
{txt}Negative binomial regression{col 49}Number of obs{col 67}= {res}    44,741
{txt}{col 49}Wald chi2({res}32{txt}){col 67}= {res}   5210.45
{txt}{col 1}Dispersion{col 22}= {res}constant{txt}{col 49}Prob > chi2{col 67}= {res}    0.0000
{txt}Log pseudolikelihood = {res}-502155.97{txt}{col 49}Pseudo R2{col 67}= {res}    0.0352

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      ASSETS{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ETR {c |}{col 14}{res}{space 2}  .000045{col 26}{space 2}   .00031{col 37}{space 1}    0.15{col 46}{space 3}0.885{col 54}{space 4}-.0005625{col 67}{space 3} .0006525
{txt}{space 5}lnSALES {c |}{col 14}{res}{space 2} .1941529{col 26}{space 2} .0198824{col 37}{space 1}    9.77{col 46}{space 3}0.000{col 54}{space 4} .1551841{col 67}{space 3} .2331217
{txt}{space 7}lnEMP {c |}{col 14}{res}{space 2} .3005026{col 26}{space 2} .0209522{col 37}{space 1}   14.34{col 46}{space 3}0.000{col 54}{space 4} .2594372{col 67}{space 3} .3415681
{txt}{space 7}lnGDP {c |}{col 14}{res}{space 2} .0342632{col 26}{space 2} .1031356{col 37}{space 1}    0.33{col 46}{space 3}0.740{col 54}{space 4}-.1678788{col 67}{space 3} .2364052
{txt}{space 5}lnKLRAT {c |}{col 14}{res}{space 2} .1551795{col 26}{space 2} .0158192{col 37}{space 1}    9.81{col 46}{space 3}0.000{col 54}{space 4} .1241744{col 67}{space 3} .1861845
{txt}{space 5}lnSKILL {c |}{col 14}{res}{space 2}-.0610993{col 26}{space 2} .0300183{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.1199341{col 67}{space 3}-.0022645
{txt}{space 5}lnLABOR {c |}{col 14}{res}{space 2}-.0099946{col 26}{space 2} .0469858{col 37}{space 1}   -0.21{col 46}{space 3}0.832{col 54}{space 4} -.102085{col 67}{space 3} .0820958
{txt}{space 6}lnMARK {c |}{col 14}{res}{space 2} .0944312{col 26}{space 2} .0674902{col 37}{space 1}    1.40{col 46}{space 3}0.162{col 54}{space 4}-.0378471{col 67}{space 3} .2267094
{txt}{space 4}lnPOPDEN {c |}{col 14}{res}{space 2}-.1817854{col 26}{space 2} .0640715{col 37}{space 1}   -2.84{col 46}{space 3}0.005{col 54}{space 4}-.3073631{col 67}{space 3}-.0562076
{txt}{space 4}lnINFRAS {c |}{col 14}{res}{space 2}-.0555675{col 26}{space 2} .0271624{col 37}{space 1}   -2.05{col 46}{space 3}0.041{col 54}{space 4}-.1088048{col 67}{space 3}-.0023301
{txt}{space 3}lnFINANCE {c |}{col 14}{res}{space 2}-.0578108{col 26}{space 2} .0481638{col 37}{space 1}   -1.20{col 46}{space 3}0.230{col 54}{space 4}-.1522101{col 67}{space 3} .0365886
{txt}{space 4}lnINVFOR {c |}{col 14}{res}{space 2}-.0120909{col 26}{space 2} .0205823{col 37}{space 1}   -0.59{col 46}{space 3}0.557{col 54}{space 4}-.0524316{col 67}{space 3} .0282497
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2}-.0027139{col 26}{space 2} .0166018{col 37}{space 1}   -0.16{col 46}{space 3}0.870{col 54}{space 4}-.0352528{col 67}{space 3}  .029825
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2}-.0112102{col 26}{space 2} .0341319{col 37}{space 1}   -0.33{col 46}{space 3}0.743{col 54}{space 4}-.0781075{col 67}{space 3} .0556872
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} .0152015{col 26}{space 2} .0461962{col 37}{space 1}    0.33{col 46}{space 3}0.742{col 54}{space 4}-.0753415{col 67}{space 3} .1057445
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} .0181787{col 26}{space 2} .0562254{col 37}{space 1}    0.32{col 46}{space 3}0.746{col 54}{space 4} -.092021{col 67}{space 3} .1283784
{txt}{space 6}ETRbar {c |}{col 14}{res}{space 2}-.0051422{col 26}{space 2} .0019744{col 37}{space 1}   -2.60{col 46}{space 3}0.009{col 54}{space 4}-.0090118{col 67}{space 3}-.0012725
{txt}{space 2}lnSALESbar {c |}{col 14}{res}{space 2} .0462773{col 26}{space 2} .0247777{col 37}{space 1}    1.87{col 46}{space 3}0.062{col 54}{space 4}-.0022861{col 67}{space 3} .0948408
{txt}{space 4}lnEMPbar {c |}{col 14}{res}{space 2} .2862193{col 26}{space 2} .0254831{col 37}{space 1}   11.23{col 46}{space 3}0.000{col 54}{space 4} .2362735{col 67}{space 3} .3361652
{txt}{space 4}lnGDPbar {c |}{col 14}{res}{space 2} .0853189{col 26}{space 2} .1154018{col 37}{space 1}    0.74{col 46}{space 3}0.460{col 54}{space 4}-.1408644{col 67}{space 3} .3115023
{txt}{space 2}lnKLRATbar {c |}{col 14}{res}{space 2} .3226432{col 26}{space 2} .0239117{col 37}{space 1}   13.49{col 46}{space 3}0.000{col 54}{space 4}  .275777{col 67}{space 3} .3695093
{txt}{space 2}lnSKILLbar {c |}{col 14}{res}{space 2} .0900259{col 26}{space 2} .0453202{col 37}{space 1}    1.99{col 46}{space 3}0.047{col 54}{space 4} .0011999{col 67}{space 3} .1788519
{txt}{space 2}lnLABORbar {c |}{col 14}{res}{space 2}-.0218001{col 26}{space 2} .1424202{col 37}{space 1}   -0.15{col 46}{space 3}0.878{col 54}{space 4}-.3009386{col 67}{space 3} .2573385
{txt}{space 3}lnMARKbar {c |}{col 14}{res}{space 2}-.0301634{col 26}{space 2} .0791197{col 37}{space 1}   -0.38{col 46}{space 3}0.703{col 54}{space 4}-.1852352{col 67}{space 3} .1249084
{txt}{space 1}lnPOPDENbar {c |}{col 14}{res}{space 2}  .135206{col 26}{space 2} .0724561{col 37}{space 1}    1.87{col 46}{space 3}0.062{col 54}{space 4}-.0068053{col 67}{space 3} .2772173
{txt}{space 1}lnINFRASbar {c |}{col 14}{res}{space 2}-.0044273{col 26}{space 2} .0508116{col 37}{space 1}   -0.09{col 46}{space 3}0.931{col 54}{space 4}-.1040162{col 67}{space 3} .0951617
{txt}lnFINANCEbar {c |}{col 14}{res}{space 2}-.0350493{col 26}{space 2} .0672841{col 37}{space 1}   -0.52{col 46}{space 3}0.602{col 54}{space 4}-.1669237{col 67}{space 3} .0968251
{txt}{space 1}lnINVFORbar {c |}{col 14}{res}{space 2}-.0655494{col 26}{space 2}  .030923{col 37}{space 1}   -2.12{col 46}{space 3}0.034{col 54}{space 4}-.1261573{col 67}{space 3}-.0049414
{txt}{space 4}y2006bar {c |}{col 14}{res}{space 2} .2586455{col 26}{space 2} .1202169{col 37}{space 1}    2.15{col 46}{space 3}0.031{col 54}{space 4} .0230246{col 67}{space 3} .4942664
{txt}{space 4}y2007bar {c |}{col 14}{res}{space 2} .1744572{col 26}{space 2} .1110352{col 37}{space 1}    1.57{col 46}{space 3}0.116{col 54}{space 4}-.0431678{col 67}{space 3} .3920821
{txt}{space 4}y2008bar {c |}{col 14}{res}{space 2} .1189125{col 26}{space 2} .1306555{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4}-.1371675{col 67}{space 3} .3749926
{txt}{space 4}y2009bar {c |}{col 14}{res}{space 2} .2031313{col 26}{space 2} .1358485{col 37}{space 1}    1.50{col 46}{space 3}0.135{col 54}{space 4}-.0631269{col 67}{space 3} .4693894
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .8432469{col 26}{space 2} 1.287879{col 37}{space 1}    0.65{col 46}{space 3}0.513{col 54}{space 4}-1.680949{col 67}{space 3} 3.367443
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}/lndelta {c |}{col 14}{res}{space 2} 10.74006{col 26}{space 2} .0882162{col 54}{space 4} 10.56716{col 67}{space 3} 10.91296
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
       delta {c |}{col 14}{res}{space 2} 46168.94{col 26}{space 2} 4072.847{col 54}{space 4} 38838.29{col 67}{space 3} 54883.23
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. est store component1
{txt}
{com}. estat ic

Akaike's information criterion and Bayesian information criterion

{txt}{hline 13}{c TT}{hline 63}
       Model {c |}        Obs  ll(null)  ll(model)      df         AIC        BIC
{hline 13}{c +}{hline 63}
{ralign 12:{stata estimates replay component1:component1}}{col 14}{c |}{res}{col 16}    44,741{col 27}-520463.5{col 38}  -502156{col 49}    34{col 58}  1004380{col 69}  1004676
{txt}{hline 13}{c BT}{hline 63}
{p 15 21 2}
Note: N=Obs used in calculating BIC; see {helpb bic_note:[R] BIC note}.
{p_end}

{com}. matrix comp1 = r(S)
{txt}
{com}. 
. fmm 2 if insample == 1, vce(cluster FIRM_id)  : nbreg ASSETS ETR lnSALES lnEMP ///
>   lnGDP lnKLRAT lnSKILL lnLABOR lnMARK lnPOPDEN lnINFRAS lnFINANCE lnINVFOR ///
>   y2006-y2009 ETRbar lnSALESbar lnEMPbar lnGDPbar ///
>   lnKLRATbar lnSKILLbar lnLABORbar lnMARKbar lnPOPDENbar lnINFRASbar lnFINANCEbar ///
>   lnINVFORbar y2006bar y2007bar y2008bar y2009bar, dispersion(constant)
{res}{txt}
Fitting class model:

Iteration 0:{space 3}(class) log likelihood = {res:-31012.098}  
Iteration 1:{space 3}(class) log likelihood = {res:-31012.098}  

Fitting outcome model:

Iteration 0:{space 3}(outcome) log likelihood = {res:-8.426e+08}  (not concave)
Iteration 1:{space 3}(outcome) log likelihood = {res: -651230.6}  (not concave)
Iteration 2:{space 3}(outcome) log likelihood = {res:-626958.19}  (not concave)
Iteration 3:{space 3}(outcome) log likelihood = {res:-592751.48}  (not concave)
Iteration 4:{space 3}(outcome) log likelihood = {res:-553364.63}  (not concave)
Iteration 5:{space 3}(outcome) log likelihood = {res:-513434.99}  (not concave)
Iteration 6:{space 3}(outcome) log likelihood = {res:-505601.82}  
Iteration 7:{space 3}(outcome) log likelihood = {res:-504031.04}  
Iteration 8:{space 3}(outcome) log likelihood = {res:-501706.85}  
Iteration 9:{space 3}(outcome) log likelihood = {res:-501567.91}  
Iteration 10:{space 2}(outcome) log likelihood = {res:-501563.27}  
Iteration 11:{space 2}(outcome) log likelihood = {res:-501563.26}  

Refining starting values:

Iteration 0:{space 3}(EM) log likelihood = {res:-528925.56}
Iteration 1:{space 3}(EM) log likelihood = {res:-521452.85}
Iteration 2:{space 3}(EM) log likelihood = {res:-511781.37}
Iteration 3:{space 3}(EM) log likelihood = {res:-504169.26}
Iteration 4:{space 3}(EM) log likelihood = {res:-500098.39}
Iteration 5:{space 3}(EM) log likelihood = {res:-498118.61}
Iteration 6:{space 3}(EM) log likelihood = {res:-497028.13}
Iteration 7:{space 3}(EM) log likelihood = {res:-496265.15}
Iteration 8:{space 3}(EM) log likelihood = {res:-495595.74}
Iteration 9:{space 3}(EM) log likelihood = {res:-495026.84}
Iteration 10:{space 2}(EM) log likelihood = {res:-494569.24}
Iteration 11:{space 2}(EM) log likelihood = {res:-494173.07}
Iteration 12:{space 2}(EM) log likelihood = {res:-493842.03}
Iteration 13:{space 2}(EM) log likelihood = {res:-493561.07}
Iteration 14:{space 2}(EM) log likelihood = {res:-493355.61}
Iteration 15:{space 2}(EM) log likelihood = {res:-493198.08}
Iteration 16:{space 2}(EM) log likelihood = {res:-493081.46}
Iteration 17:{space 2}(EM) log likelihood = {res:-492996.18}
Iteration 18:{space 2}(EM) log likelihood = {res:-492932.69}
Iteration 19:{space 2}(EM) log likelihood = {res:-492885.04}
Iteration 20:{space 2}(EM) log likelihood = {res:-492849.41}
{p}
Note: EM algorithm reached maximum iterations.
{p_end}

Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-482722.66}  
Iteration 1:{space 3}log pseudolikelihood = {res:-482719.77}  
Iteration 2:{space 3}log pseudolikelihood = {res:-482719.73}  
{res}
{txt}Finite mixture model{col 49}Number of obs{col 67}= {res}    44,741
{txt}Log pseudolikelihood = {res}-482719.73

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}{res}1.Class     {col 14}{txt}{c |}  (base outcome)
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}2.Class      {txt}{c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-1.770986{col 26}{space 2} .0680054{col 37}{space 1}  -26.04{col 46}{space 3}0.000{col 54}{space 4}-1.904274{col 67}{space 3}-1.637697
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Class{col 16}: {res}1
{txt}Response{col 16}: {res}ASSETS
{txt}Model{col 16}: {res}nbreg, dispersion(constant)

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}ASSETS       {txt}{c |}
{space 9}ETR {c |}{col 14}{res}{space 2} .0003311{col 26}{space 2}  .000339{col 37}{space 1}    0.98{col 46}{space 3}0.329{col 54}{space 4}-.0003334{col 67}{space 3} .0009956
{txt}{space 5}lnSALES {c |}{col 14}{res}{space 2} .1422064{col 26}{space 2} .0145676{col 37}{space 1}    9.76{col 46}{space 3}0.000{col 54}{space 4} .1136544{col 67}{space 3} .1707583
{txt}{space 7}lnEMP {c |}{col 14}{res}{space 2} .3954315{col 26}{space 2} .0298319{col 37}{space 1}   13.26{col 46}{space 3}0.000{col 54}{space 4}  .336962{col 67}{space 3}  .453901
{txt}{space 7}lnGDP {c |}{col 14}{res}{space 2} .0238199{col 26}{space 2} .1106364{col 37}{space 1}    0.22{col 46}{space 3}0.830{col 54}{space 4}-.1930234{col 67}{space 3} .2406632
{txt}{space 5}lnKLRAT {c |}{col 14}{res}{space 2} .2361596{col 26}{space 2} .0224737{col 37}{space 1}   10.51{col 46}{space 3}0.000{col 54}{space 4} .1921119{col 67}{space 3} .2802074
{txt}{space 5}lnSKILL {c |}{col 14}{res}{space 2}-.1445421{col 26}{space 2} .0405618{col 37}{space 1}   -3.56{col 46}{space 3}0.000{col 54}{space 4}-.2240417{col 67}{space 3}-.0650425
{txt}{space 5}lnLABOR {c |}{col 14}{res}{space 2}-.0558251{col 26}{space 2} .0686049{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4}-.1902883{col 67}{space 3} .0786381
{txt}{space 6}lnMARK {c |}{col 14}{res}{space 2} .2609946{col 26}{space 2}  .098942{col 37}{space 1}    2.64{col 46}{space 3}0.008{col 54}{space 4} .0670718{col 67}{space 3} .4549174
{txt}{space 4}lnPOPDEN {c |}{col 14}{res}{space 2}-.3829986{col 26}{space 2} .0753338{col 37}{space 1}   -5.08{col 46}{space 3}0.000{col 54}{space 4}-.5306502{col 67}{space 3} -.235347
{txt}{space 4}lnINFRAS {c |}{col 14}{res}{space 2}-.0656917{col 26}{space 2} .0383844{col 37}{space 1}   -1.71{col 46}{space 3}0.087{col 54}{space 4}-.1409238{col 67}{space 3} .0095403
{txt}{space 3}lnFINANCE {c |}{col 14}{res}{space 2}-.0750493{col 26}{space 2} .0574228{col 37}{space 1}   -1.31{col 46}{space 3}0.191{col 54}{space 4}-.1875959{col 67}{space 3} .0374972
{txt}{space 4}lnINVFOR {c |}{col 14}{res}{space 2}-.0305296{col 26}{space 2} .0177636{col 37}{space 1}   -1.72{col 46}{space 3}0.086{col 54}{space 4}-.0653455{col 67}{space 3} .0042864
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2} .0233548{col 26}{space 2} .0190292{col 37}{space 1}    1.23{col 46}{space 3}0.220{col 54}{space 4}-.0139418{col 67}{space 3} .0606514
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2} .0241452{col 26}{space 2} .0408459{col 37}{space 1}    0.59{col 46}{space 3}0.554{col 54}{space 4}-.0559113{col 67}{space 3} .1042017
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} .0488788{col 26}{space 2} .0584186{col 37}{space 1}    0.84{col 46}{space 3}0.403{col 54}{space 4}-.0656195{col 67}{space 3} .1633771
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} .0457758{col 26}{space 2} .0709032{col 37}{space 1}    0.65{col 46}{space 3}0.519{col 54}{space 4}-.0931918{col 67}{space 3} .1847435
{txt}{space 6}ETRbar {c |}{col 14}{res}{space 2}-.0025228{col 26}{space 2} .0008648{col 37}{space 1}   -2.92{col 46}{space 3}0.004{col 54}{space 4}-.0042178{col 67}{space 3}-.0008278
{txt}{space 2}lnSALESbar {c |}{col 14}{res}{space 2} .0618761{col 26}{space 2} .0172562{col 37}{space 1}    3.59{col 46}{space 3}0.000{col 54}{space 4} .0280546{col 67}{space 3} .0956976
{txt}{space 4}lnEMPbar {c |}{col 14}{res}{space 2} .3130784{col 26}{space 2} .0305892{col 37}{space 1}   10.23{col 46}{space 3}0.000{col 54}{space 4} .2531246{col 67}{space 3} .3730322
{txt}{space 4}lnGDPbar {c |}{col 14}{res}{space 2}-.0250626{col 26}{space 2} .1168541{col 37}{space 1}   -0.21{col 46}{space 3}0.830{col 54}{space 4}-.2540925{col 67}{space 3} .2039672
{txt}{space 2}lnKLRATbar {c |}{col 14}{res}{space 2} .3122531{col 26}{space 2} .0220116{col 37}{space 1}   14.19{col 46}{space 3}0.000{col 54}{space 4} .2691111{col 67}{space 3} .3553951
{txt}{space 2}lnSKILLbar {c |}{col 14}{res}{space 2} .2165073{col 26}{space 2} .0452637{col 37}{space 1}    4.78{col 46}{space 3}0.000{col 54}{space 4}  .127792{col 67}{space 3} .3052225
{txt}{space 2}lnLABORbar {c |}{col 14}{res}{space 2} .1882608{col 26}{space 2} .1036024{col 37}{space 1}    1.82{col 46}{space 3}0.069{col 54}{space 4}-.0147963{col 67}{space 3} .3913178
{txt}{space 3}lnMARKbar {c |}{col 14}{res}{space 2} -.088058{col 26}{space 2} .0952937{col 37}{space 1}   -0.92{col 46}{space 3}0.355{col 54}{space 4}-.2748303{col 67}{space 3} .0987142
{txt}{space 1}lnPOPDENbar {c |}{col 14}{res}{space 2} .2514053{col 26}{space 2} .0783999{col 37}{space 1}    3.21{col 46}{space 3}0.001{col 54}{space 4} .0977444{col 67}{space 3} .4050663
{txt}{space 1}lnINFRASbar {c |}{col 14}{res}{space 2}-.0377666{col 26}{space 2} .0464534{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4}-.1288136{col 67}{space 3} .0532804
{txt}lnFINANCEbar {c |}{col 14}{res}{space 2} .0286399{col 26}{space 2} .0671922{col 37}{space 1}    0.43{col 46}{space 3}0.670{col 54}{space 4}-.1030543{col 67}{space 3} .1603341
{txt}{space 1}lnINVFORbar {c |}{col 14}{res}{space 2} .0485192{col 26}{space 2} .0257681{col 37}{space 1}    1.88{col 46}{space 3}0.060{col 54}{space 4}-.0019854{col 67}{space 3} .0990238
{txt}{space 4}y2006bar {c |}{col 14}{res}{space 2} .1157499{col 26}{space 2} .0761626{col 37}{space 1}    1.52{col 46}{space 3}0.129{col 54}{space 4}-.0335261{col 67}{space 3} .2650259
{txt}{space 4}y2007bar {c |}{col 14}{res}{space 2}  .036634{col 26}{space 2} .0777438{col 37}{space 1}    0.47{col 46}{space 3}0.637{col 54}{space 4}-.1157412{col 67}{space 3} .1890091
{txt}{space 4}y2008bar {c |}{col 14}{res}{space 2}-.0344126{col 26}{space 2} .0874733{col 37}{space 1}   -0.39{col 46}{space 3}0.694{col 54}{space 4}-.2058571{col 67}{space 3} .1370319
{txt}{space 4}y2009bar {c |}{col 14}{res}{space 2}-.0053241{col 26}{space 2} .0952997{col 37}{space 1}   -0.06{col 46}{space 3}0.955{col 54}{space 4}-.1921081{col 67}{space 3} .1814598
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.303531{col 26}{space 2} .8610579{col 37}{space 1}   -1.51{col 46}{space 3}0.130{col 54}{space 4}-2.991173{col 67}{space 3} .3841116
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}/ASSETS      {txt}{c |}
{space 5}lndelta {c |}{col 14}{res}{space 2} 8.717881{col 26}{space 2} .0385983{col 54}{space 4} 8.642229{col 67}{space 3} 8.793532
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Class{col 16}: {res}2
{txt}Response{col 16}: {res}ASSETS
{txt}Model{col 16}: {res}nbreg, dispersion(constant)

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}ASSETS       {txt}{c |}
{space 9}ETR {c |}{col 14}{res}{space 2} .0004636{col 26}{space 2} .0006898{col 37}{space 1}    0.67{col 46}{space 3}0.501{col 54}{space 4}-.0008883{col 67}{space 3} .0018155
{txt}{space 5}lnSALES {c |}{col 14}{res}{space 2} .2702592{col 26}{space 2} .0334251{col 37}{space 1}    8.09{col 46}{space 3}0.000{col 54}{space 4} .2047471{col 67}{space 3} .3357712
{txt}{space 7}lnEMP {c |}{col 14}{res}{space 2} .1670189{col 26}{space 2} .0481563{col 37}{space 1}    3.47{col 46}{space 3}0.001{col 54}{space 4} .0726342{col 67}{space 3} .2614036
{txt}{space 7}lnGDP {c |}{col 14}{res}{space 2} .1570568{col 26}{space 2} .2243661{col 37}{space 1}    0.70{col 46}{space 3}0.484{col 54}{space 4}-.2826926{col 67}{space 3} .5968062
{txt}{space 5}lnKLRAT {c |}{col 14}{res}{space 2} .0322352{col 26}{space 2} .0353816{col 37}{space 1}    0.91{col 46}{space 3}0.362{col 54}{space 4}-.0371116{col 67}{space 3}  .101582
{txt}{space 5}lnSKILL {c |}{col 14}{res}{space 2}-.1023617{col 26}{space 2} .0859681{col 37}{space 1}   -1.19{col 46}{space 3}0.234{col 54}{space 4}-.2708562{col 67}{space 3} .0661327
{txt}{space 5}lnLABOR {c |}{col 14}{res}{space 2}-.0518688{col 26}{space 2} .1294919{col 37}{space 1}   -0.40{col 46}{space 3}0.689{col 54}{space 4}-.3056682{col 67}{space 3} .2019307
{txt}{space 6}lnMARK {c |}{col 14}{res}{space 2}-.0710857{col 26}{space 2} .1779794{col 37}{space 1}   -0.40{col 46}{space 3}0.690{col 54}{space 4} -.419919{col 67}{space 3} .2777475
{txt}{space 4}lnPOPDEN {c |}{col 14}{res}{space 2}-.1402422{col 26}{space 2}  .170479{col 37}{space 1}   -0.82{col 46}{space 3}0.411{col 54}{space 4}-.4743749{col 67}{space 3} .1938905
{txt}{space 4}lnINFRAS {c |}{col 14}{res}{space 2}-.0517814{col 26}{space 2} .0637391{col 37}{space 1}   -0.81{col 46}{space 3}0.417{col 54}{space 4}-.1767078{col 67}{space 3}  .073145
{txt}{space 3}lnFINANCE {c |}{col 14}{res}{space 2}-.1331163{col 26}{space 2} .1245488{col 37}{space 1}   -1.07{col 46}{space 3}0.285{col 54}{space 4}-.3772275{col 67}{space 3} .1109949
{txt}{space 4}lnINVFOR {c |}{col 14}{res}{space 2}-.0370584{col 26}{space 2} .0455367{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4}-.1263086{col 67}{space 3} .0521918
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2}-.0223807{col 26}{space 2} .0358628{col 37}{space 1}   -0.62{col 46}{space 3}0.533{col 54}{space 4}-.0926705{col 67}{space 3} .0479092
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2}-.0292251{col 26}{space 2} .0733271{col 37}{space 1}   -0.40{col 46}{space 3}0.690{col 54}{space 4}-.1729435{col 67}{space 3} .1144934
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} .0294543{col 26}{space 2} .0992511{col 37}{space 1}    0.30{col 46}{space 3}0.767{col 54}{space 4}-.1650743{col 67}{space 3}  .223983
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} .0419486{col 26}{space 2} .1257991{col 37}{space 1}    0.33{col 46}{space 3}0.739{col 54}{space 4}-.2046131{col 67}{space 3} .2885103
{txt}{space 6}ETRbar {c |}{col 14}{res}{space 2}-.0066908{col 26}{space 2} .0036188{col 37}{space 1}   -1.85{col 46}{space 3}0.064{col 54}{space 4}-.0137836{col 67}{space 3}  .000402
{txt}{space 2}lnSALESbar {c |}{col 14}{res}{space 2}-.0726187{col 26}{space 2}  .038177{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4}-.1474442{col 67}{space 3} .0022068
{txt}{space 4}lnEMPbar {c |}{col 14}{res}{space 2} .3698059{col 26}{space 2} .0542589{col 37}{space 1}    6.82{col 46}{space 3}0.000{col 54}{space 4} .2634604{col 67}{space 3} .4761514
{txt}{space 4}lnGDPbar {c |}{col 14}{res}{space 2}  .015142{col 26}{space 2} .2450547{col 37}{space 1}    0.06{col 46}{space 3}0.951{col 54}{space 4}-.4651565{col 67}{space 3} .4954404
{txt}{space 2}lnKLRATbar {c |}{col 14}{res}{space 2} .4264496{col 26}{space 2} .0467039{col 37}{space 1}    9.13{col 46}{space 3}0.000{col 54}{space 4} .3349115{col 67}{space 3} .5179876
{txt}{space 2}lnSKILLbar {c |}{col 14}{res}{space 2} .0573064{col 26}{space 2} .1115179{col 37}{space 1}    0.51{col 46}{space 3}0.607{col 54}{space 4}-.1612646{col 67}{space 3} .2758774
{txt}{space 2}lnLABORbar {c |}{col 14}{res}{space 2} -.031885{col 26}{space 2} .2384924{col 37}{space 1}   -0.13{col 46}{space 3}0.894{col 54}{space 4}-.4993215{col 67}{space 3} .4355515
{txt}{space 3}lnMARKbar {c |}{col 14}{res}{space 2}  -.07285{col 26}{space 2} .1919018{col 37}{space 1}   -0.38{col 46}{space 3}0.704{col 54}{space 4}-.4489707{col 67}{space 3} .3032707
{txt}{space 1}lnPOPDENbar {c |}{col 14}{res}{space 2} .2289175{col 26}{space 2} .1869046{col 37}{space 1}    1.22{col 46}{space 3}0.221{col 54}{space 4}-.1374089{col 67}{space 3} .5952438
{txt}{space 1}lnINFRASbar {c |}{col 14}{res}{space 2} .0223086{col 26}{space 2} .0932504{col 37}{space 1}    0.24{col 46}{space 3}0.811{col 54}{space 4}-.1604589{col 67}{space 3} .2050761
{txt}lnFINANCEbar {c |}{col 14}{res}{space 2} .0396668{col 26}{space 2} .1486612{col 37}{space 1}    0.27{col 46}{space 3}0.790{col 54}{space 4}-.2517037{col 67}{space 3} .3310373
{txt}{space 1}lnINVFORbar {c |}{col 14}{res}{space 2} -.112224{col 26}{space 2}  .058265{col 37}{space 1}   -1.93{col 46}{space 3}0.054{col 54}{space 4}-.2264214{col 67}{space 3} .0019733
{txt}{space 4}y2006bar {c |}{col 14}{res}{space 2} .1210924{col 26}{space 2} .2123813{col 37}{space 1}    0.57{col 46}{space 3}0.569{col 54}{space 4}-.2951673{col 67}{space 3} .5373521
{txt}{space 4}y2007bar {c |}{col 14}{res}{space 2}  .123201{col 26}{space 2} .2155569{col 37}{space 1}    0.57{col 46}{space 3}0.568{col 54}{space 4}-.2992828{col 67}{space 3} .5456847
{txt}{space 4}y2008bar {c |}{col 14}{res}{space 2}-.0307439{col 26}{space 2} .2212767{col 37}{space 1}   -0.14{col 46}{space 3}0.889{col 54}{space 4}-.4644383{col 67}{space 3} .4029505
{txt}{space 4}y2009bar {c |}{col 14}{res}{space 2} .2085391{col 26}{space 2}  .256117{col 37}{space 1}    0.81{col 46}{space 3}0.416{col 54}{space 4}-.2934411{col 67}{space 3} .7105192
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.428281{col 26}{space 2} 2.104895{col 37}{space 1}    1.63{col 46}{space 3}0.103{col 54}{space 4}-.6972376{col 67}{space 3} 7.553799
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}/ASSETS      {txt}{c |}
{space 5}lndelta {c |}{col 14}{res}{space 2} 12.37359{col 26}{space 2} .1413267{col 54}{space 4} 12.09659{col 67}{space 3} 12.65058
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. test _b[ASSETS:2.Class#c.ETR] - _b[ASSETS:1.Class#c.ETR]==0

{p 0 7}{space 1}{text:( 1)}{space 1}{space 1}{res}- [ASSETS]1bn.Class#c.ETR + [ASSETS]2.Class#c.ETR = 0{p_end}

{txt}{col 12}chi2(  1) ={res}    0.02
{txt}{col 10}Prob > chi2 =  {res}  0.8778
{txt}
{com}. est store component2
{txt}
{com}. estat ic

Akaike's information criterion and Bayesian information criterion

{txt}{hline 13}{c TT}{hline 63}
       Model {c |}        Obs  ll(null)  ll(model)      df         AIC        BIC
{hline 13}{c +}{hline 63}
{ralign 12:{stata estimates replay component2:component2}}{col 14}{c |}{res}{col 16}    44,741{col 27}        .{col 38}-482719.7{col 49}    69{col 58} 965577.5{col 69} 966178.4
{txt}{hline 13}{c BT}{hline 63}
{p 15 21 2}
Note: N=Obs used in calculating BIC; see {helpb bic_note:[R] BIC note}.
{p_end}

{com}. matrix comp2 = r(S)
{txt}
{com}. 
. // Evidence that the 2 component model is better that 1 component model
. matrix list comp1 
{res}
{txt}comp1[1,6]
                     N         ll0          ll          df         AIC         BIC
component1 {res}      44741  -520463.47  -502155.97          34   1004379.9     1004676
{reset}
{com}. matrix list comp2
{res}
{txt}comp2[1,6]
                     N         ll0          ll          df         AIC         BIC
component2 {res}      44741           .  -482719.73          69   965577.47   966178.37
{reset}
{com}. lrtest component1 component2, force

{txt}Likelihood-ratio test{col 55}LR chi2({res}35{txt}){col 67}={res}  38872.47
{txt}(Assumption: {res}{stata est replay component1:component1}{txt} nested in {res}{stata est replay component2:component2}{txt}){col 55}Prob > chi2 = {res}   0.0000
{txt}
{com}. 
. // Characteristics of each group
. predict fmmpos1 if insample == 1 , classposteriorpr class(1) 
{res}{txt}(2 missing values generated)

{com}. predict fmmpos2 if insample == 1, classposteriorpr class(2)   
{res}{txt}(2 missing values generated)

{com}. count if fmmpos1>fmmpos2  
  {res}40,565
{txt}
{com}. scalar group1 = r(N)
{txt}
{com}. count if fmmpos1<fmmpos2
  {res}4,176
{txt}
{com}. scalar group2 = r(N)    
{txt}
{com}. scalar pctgroup1 = group1/(group1+group2)
{txt}
{com}. scalar pctgroup2 = group2/(group1+group2)
{txt}
{com}. display pctgroup1 pctgroup2
{res}.90666279.09333721
{txt}
{com}. 
. // Creating dummy variables to identify both groups
. gen group1=(fmmpos1>fmmpos2)
{txt}
{com}. gen group2=(fmmpos1<fmmpos2)
{txt}
{com}. 
. summ PROFITS if group1 == 1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}PROFITS {c |}{res}     40,565    14682.11     52373.8          2    3020368
{txt}
{com}. scalar TOTALPROFITS1 = r(N)*r(mean)
{txt}
{com}. summ ASSETS if group1 == 1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}ASSETS {c |}{res}     40,565    26568.93    86128.88          1   1.36e+07
{txt}
{com}. scalar TOTALASSETS1 = r(N)*r(mean)
{txt}
{com}. 
. summ PROFITS if group2 == 1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 5}PROFITS {c |}{res}      4,176    161135.4    534812.9          3   1.47e+07
{txt}
{com}. scalar TOTALPROFITS2 = r(N)*r(mean)
{txt}
{com}. summ ASSETS if group2 == 1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}ASSETS {c |}{res}      4,176      523368     1290798          5   2.21e+07
{txt}
{com}. scalar TOTALASSETS2 = r(N)*r(mean)
{txt}
{com}. 
. scalar PROFITSHARE1 = 100*TOTALPROFITS1/(TOTALPROFITS1 + TOTALPROFITS2)
{txt}
{com}. scalar ASSETSHARE1 = 100*TOTALASSETS1/(TOTALASSETS1 + TOTALASSETS2)
{txt}
{com}. scalar list PROFITSHARE1 ASSETSHARE1
{txt}PROFITSHARE1 = {res} 46.952208
{txt}ASSETSHARE1 = {res} 33.026414
{txt}
{com}. 
. summ ASSETS PROFITS EMP SALES if group1 == 1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}ASSETS {c |}{res}     40,565    26568.93    86128.88          1   1.36e+07
{txt}{space 5}PROFITS {c |}{res}     40,565    14682.11     52373.8          2    3020368
{txt}{space 9}EMP {c |}{res}     40,565    335.4053    737.5046          9      45306
{txt}{space 7}SALES {c |}{res}     40,565    184107.1    789388.9         41   4.93e+07
{txt}
{com}. 
. scalar PROFITSHARE2 = 100*TOTALPROFITS2/(TOTALPROFITS1 + TOTALPROFITS2)
{txt}
{com}. scalar ASSETSHARE2 = 100*TOTALASSETS2/(TOTALASSETS1 + TOTALASSETS2)
{txt}
{com}. scalar list PROFITSHARE2 ASSETSHARE2
{txt}PROFITSHARE2 = {res} 53.047792
{txt}ASSETSHARE2 = {res} 66.973586
{txt}
{com}. 
. summ ASSETS PROFITS EMP SALES if group2 == 1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}ASSETS {c |}{res}      4,176      523368     1290798          5   2.21e+07
{txt}{space 5}PROFITS {c |}{res}      4,176    161135.4    534812.9          3   1.47e+07
{txt}{space 9}EMP {c |}{res}      4,176    1617.096    5979.728          9     198971
{txt}{space 7}SALES {c |}{res}      4,176     2084701     8056442        890   1.92e+08
{txt}
{com}. 
. ******** WITH INTERACTION EFFECT ***********
. 
. gen treatdum = (year>2007)
{txt}
{com}. gen ETRxTD = ETR*treatdum
{txt}
{com}. 
. bysort FIRM_id: egen ETRxTDbar = mean(ETRxTD)
{txt}
{com}. 
. nbreg ASSETS ETR ETRxTD lnSALES lnEMP lnGDP lnKLRAT lnSKILL lnLABOR lnMARK lnPOPDEN ///
>   lnINFRAS lnFINANCE lnINVFOR y2006-y2009 ETRbar ETRxTDbar lnSALESbar lnEMPbar lnGDPbar ///
>   lnKLRATbar lnSKILLbar lnLABORbar lnMARKbar lnPOPDENbar lnINFRASbar lnFINANCEbar ///
>   lnINVFORbar y2006bar y2007bar y2008bar y2009bar if insample == 1, dispersion(constant) vce(cluster FIRM_id)

{txt}Fitting Poisson model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-6.516e+09}  
Iteration 1:{space 3}log pseudolikelihood = {res:-2.583e+09}  
Iteration 2:{space 3}log pseudolikelihood = {res:-1.124e+09}  
Iteration 3:{space 3}log pseudolikelihood = {res:-8.707e+08}  
Iteration 4:{space 3}log pseudolikelihood = {res:-8.415e+08}  
Iteration 5:{space 3}log pseudolikelihood = {res:-8.407e+08}  
Iteration 6:{space 3}log pseudolikelihood = {res:-8.407e+08}  
Iteration 7:{space 3}log pseudolikelihood = {res:-8.407e+08}  
{res}
{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-2.209e+09}  
Iteration 1:{space 3}log pseudolikelihood = {res:-570077.84}  
Iteration 2:{space 3}log pseudolikelihood = {res:-527038.95}  
Iteration 3:{space 3}log pseudolikelihood = {res:-520503.14}  
Iteration 4:{space 3}log pseudolikelihood = {res:-520463.49}  
Iteration 5:{space 3}log pseudolikelihood = {res:-520463.47}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-520463.47}  
Iteration 1:{space 3}log pseudolikelihood = {res:-507908.45}  
Iteration 2:{space 3}log pseudolikelihood = {res:-505569.82}  
Iteration 3:{space 3}log pseudolikelihood = {res:-502741.77}  
Iteration 4:{space 3}log pseudolikelihood = {res:-502174.28}  
Iteration 5:{space 3}log pseudolikelihood = {res:-502129.51}  
Iteration 6:{space 3}log pseudolikelihood = {res:-502128.44}  
Iteration 7:{space 3}log pseudolikelihood = {res:-502128.44}  
{res}
{txt}Negative binomial regression{col 49}Number of obs{col 67}= {res}    44,741
{txt}{col 49}Wald chi2({res}34{txt}){col 67}= {res}   5328.06
{txt}{col 1}Dispersion{col 22}= {res}constant{txt}{col 49}Prob > chi2{col 67}= {res}    0.0000
{txt}Log pseudolikelihood = {res}-502128.44{txt}{col 49}Pseudo R2{col 67}= {res}    0.0352

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      ASSETS{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}ETR {c |}{col 14}{res}{space 2} .0006114{col 26}{space 2} .0002678{col 37}{space 1}    2.28{col 46}{space 3}0.022{col 54}{space 4} .0000864{col 67}{space 3} .0011364
{txt}{space 6}ETRxTD {c |}{col 14}{res}{space 2}-.0012036{col 26}{space 2} .0005906{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.0023612{col 67}{space 3} -.000046
{txt}{space 5}lnSALES {c |}{col 14}{res}{space 2} .1930094{col 26}{space 2}  .020003{col 37}{space 1}    9.65{col 46}{space 3}0.000{col 54}{space 4} .1538043{col 67}{space 3} .2322146
{txt}{space 7}lnEMP {c |}{col 14}{res}{space 2} .3012593{col 26}{space 2} .0208637{col 37}{space 1}   14.44{col 46}{space 3}0.000{col 54}{space 4} .2603672{col 67}{space 3} .3421514
{txt}{space 7}lnGDP {c |}{col 14}{res}{space 2} .0404828{col 26}{space 2} .1054708{col 37}{space 1}    0.38{col 46}{space 3}0.701{col 54}{space 4}-.1662363{col 67}{space 3} .2472018
{txt}{space 5}lnKLRAT {c |}{col 14}{res}{space 2} .1557286{col 26}{space 2}  .015813{col 37}{space 1}    9.85{col 46}{space 3}0.000{col 54}{space 4} .1247357{col 67}{space 3} .1867214
{txt}{space 5}lnSKILL {c |}{col 14}{res}{space 2}-.0634573{col 26}{space 2} .0301604{col 37}{space 1}   -2.10{col 46}{space 3}0.035{col 54}{space 4}-.1225706{col 67}{space 3}-.0043441
{txt}{space 5}lnLABOR {c |}{col 14}{res}{space 2}-.0059435{col 26}{space 2} .0467726{col 37}{space 1}   -0.13{col 46}{space 3}0.899{col 54}{space 4}-.0976161{col 67}{space 3} .0857292
{txt}{space 6}lnMARK {c |}{col 14}{res}{space 2} .0968067{col 26}{space 2} .0685943{col 37}{space 1}    1.41{col 46}{space 3}0.158{col 54}{space 4}-.0376357{col 67}{space 3} .2312492
{txt}{space 4}lnPOPDEN {c |}{col 14}{res}{space 2}-.1877379{col 26}{space 2} .0648675{col 37}{space 1}   -2.89{col 46}{space 3}0.004{col 54}{space 4}-.3148759{col 67}{space 3}-.0605999
{txt}{space 4}lnINFRAS {c |}{col 14}{res}{space 2}-.0563645{col 26}{space 2} .0274605{col 37}{space 1}   -2.05{col 46}{space 3}0.040{col 54}{space 4}-.1101861{col 67}{space 3}-.0025428
{txt}{space 3}lnFINANCE {c |}{col 14}{res}{space 2}-.0592007{col 26}{space 2} .0485105{col 37}{space 1}   -1.22{col 46}{space 3}0.222{col 54}{space 4}-.1542795{col 67}{space 3} .0358781
{txt}{space 4}lnINVFOR {c |}{col 14}{res}{space 2}-.0123987{col 26}{space 2} .0211903{col 37}{space 1}   -0.59{col 46}{space 3}0.558{col 54}{space 4}-.0539308{col 67}{space 3} .0291335
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2}-.0038895{col 26}{space 2} .0168579{col 37}{space 1}   -0.23{col 46}{space 3}0.818{col 54}{space 4}-.0369304{col 67}{space 3} .0291513
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2}-.0136316{col 26}{space 2} .0346851{col 37}{space 1}   -0.39{col 46}{space 3}0.694{col 54}{space 4}-.0816131{col 67}{space 3}   .05435
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2}  .032588{col 26}{space 2} .0490692{col 37}{space 1}    0.66{col 46}{space 3}0.507{col 54}{space 4} -.063586{col 67}{space 3} .1287619
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} .0347715{col 26}{space 2} .0587379{col 37}{space 1}    0.59{col 46}{space 3}0.554{col 54}{space 4}-.0803527{col 67}{space 3} .1498957
{txt}{space 6}ETRbar {c |}{col 14}{res}{space 2}-.0033719{col 26}{space 2} .0027995{col 37}{space 1}   -1.20{col 46}{space 3}0.228{col 54}{space 4}-.0088589{col 67}{space 3} .0021151
{txt}{space 3}ETRxTDbar {c |}{col 14}{res}{space 2}-.0053245{col 26}{space 2} .0048102{col 37}{space 1}   -1.11{col 46}{space 3}0.268{col 54}{space 4}-.0147524{col 67}{space 3} .0041034
{txt}{space 2}lnSALESbar {c |}{col 14}{res}{space 2} .0477682{col 26}{space 2} .0247494{col 37}{space 1}    1.93{col 46}{space 3}0.054{col 54}{space 4}-.0007397{col 67}{space 3} .0962761
{txt}{space 4}lnEMPbar {c |}{col 14}{res}{space 2} .2877322{col 26}{space 2}  .025653{col 37}{space 1}   11.22{col 46}{space 3}0.000{col 54}{space 4} .2374532{col 67}{space 3} .3380112
{txt}{space 4}lnGDPbar {c |}{col 14}{res}{space 2} .0773455{col 26}{space 2}  .117568{col 37}{space 1}    0.66{col 46}{space 3}0.511{col 54}{space 4}-.1530836{col 67}{space 3} .3077746
{txt}{space 2}lnKLRATbar {c |}{col 14}{res}{space 2} .3236718{col 26}{space 2} .0240263{col 37}{space 1}   13.47{col 46}{space 3}0.000{col 54}{space 4} .2765811{col 67}{space 3} .3707624
{txt}{space 2}lnSKILLbar {c |}{col 14}{res}{space 2} .0918294{col 26}{space 2} .0453042{col 37}{space 1}    2.03{col 46}{space 3}0.043{col 54}{space 4} .0030348{col 67}{space 3}  .180624
{txt}{space 2}lnLABORbar {c |}{col 14}{res}{space 2}-.0235756{col 26}{space 2} .1426301{col 37}{space 1}   -0.17{col 46}{space 3}0.869{col 54}{space 4}-.3031255{col 67}{space 3} .2559742
{txt}{space 3}lnMARKbar {c |}{col 14}{res}{space 2}-.0313955{col 26}{space 2} .0799004{col 37}{space 1}   -0.39{col 46}{space 3}0.694{col 54}{space 4}-.1879975{col 67}{space 3} .1252065
{txt}{space 1}lnPOPDENbar {c |}{col 14}{res}{space 2} .1403356{col 26}{space 2}  .073293{col 37}{space 1}    1.91{col 46}{space 3}0.056{col 54}{space 4}-.0033161{col 67}{space 3} .2839873
{txt}{space 1}lnINFRASbar {c |}{col 14}{res}{space 2}-.0018947{col 26}{space 2} .0507796{col 37}{space 1}   -0.04{col 46}{space 3}0.970{col 54}{space 4}-.1014208{col 67}{space 3} .0976315
{txt}lnFINANCEbar {c |}{col 14}{res}{space 2}-.0353757{col 26}{space 2} .0675609{col 37}{space 1}   -0.52{col 46}{space 3}0.601{col 54}{space 4}-.1677927{col 67}{space 3} .0970412
{txt}{space 1}lnINVFORbar {c |}{col 14}{res}{space 2} -.062482{col 26}{space 2} .0317554{col 37}{space 1}   -1.97{col 46}{space 3}0.049{col 54}{space 4}-.1247215{col 67}{space 3}-.0002426
{txt}{space 4}y2006bar {c |}{col 14}{res}{space 2} .2646853{col 26}{space 2} .1214335{col 37}{space 1}    2.18{col 46}{space 3}0.029{col 54}{space 4}   .02668{col 67}{space 3} .5026906
{txt}{space 4}y2007bar {c |}{col 14}{res}{space 2} .1684505{col 26}{space 2} .1077904{col 37}{space 1}    1.56{col 46}{space 3}0.118{col 54}{space 4}-.0428147{col 67}{space 3} .3797157
{txt}{space 4}y2008bar {c |}{col 14}{res}{space 2} .2060509{col 26}{space 2} .1738671{col 37}{space 1}    1.19{col 46}{space 3}0.236{col 54}{space 4}-.1347224{col 67}{space 3} .5468242
{txt}{space 4}y2009bar {c |}{col 14}{res}{space 2} .2927692{col 26}{space 2} .1878195{col 37}{space 1}    1.56{col 46}{space 3}0.119{col 54}{space 4}-.0753502{col 67}{space 3} .6608887
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}      .76{col 26}{space 2} 1.286693{col 37}{space 1}    0.59{col 46}{space 3}0.555{col 54}{space 4}-1.761872{col 67}{space 3} 3.281872
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}/lndelta {c |}{col 14}{res}{space 2} 10.73537{col 26}{space 2} .0879276{col 54}{space 4} 10.56303{col 67}{space 3}  10.9077
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
       delta {c |}{col 14}{res}{space 2} 45952.59{col 26}{space 2} 4040.502{col 54}{space 4} 38678.16{col 67}{space 3} 54595.16
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. est store component1
{txt}
{com}. estat ic

Akaike's information criterion and Bayesian information criterion

{txt}{hline 13}{c TT}{hline 63}
       Model {c |}        Obs  ll(null)  ll(model)      df         AIC        BIC
{hline 13}{c +}{hline 63}
{ralign 12:{stata estimates replay component1:component1}}{col 14}{c |}{res}{col 16}    44,741{col 27}-520463.5{col 38}-502128.4{col 49}    36{col 58}  1004329{col 69}  1004642
{txt}{hline 13}{c BT}{hline 63}
{p 15 21 2}
Note: N=Obs used in calculating BIC; see {helpb bic_note:[R] BIC note}.
{p_end}

{com}. matrix comp1 = r(S)
{txt}
{com}. 
. fmm 2 if insample == 1, vce(cluster FIRM_id)  : nbreg ASSETS ETR ETRxTD  lnSALES lnEMP ///
>   lnGDP lnKLRAT lnSKILL lnLABOR lnMARK lnPOPDEN lnINFRAS lnFINANCE lnINVFOR ///
>   y2006-y2009 ETRbar ETRxTDbar lnSALESbar lnEMPbar lnGDPbar ///
>   lnKLRATbar lnSKILLbar lnLABORbar lnMARKbar lnPOPDENbar lnINFRASbar lnFINANCEbar ///
>   lnINVFORbar y2006bar y2007bar y2008bar y2009bar, dispersion(constant)
{res}{txt}
Fitting class model:

Iteration 0:{space 3}(class) log likelihood = {res:-31012.098}  
Iteration 1:{space 3}(class) log likelihood = {res:-31012.098}  

Fitting outcome model:

Iteration 0:{space 3}(outcome) log likelihood = {res:-8.425e+08}  (not concave)
Iteration 1:{space 3}(outcome) log likelihood = {res:-651769.58}  (not concave)
Iteration 2:{space 3}(outcome) log likelihood = {res:-614378.63}  (not concave)
Iteration 3:{space 3}(outcome) log likelihood = {res:-586387.63}  (not concave)
Iteration 4:{space 3}(outcome) log likelihood = {res:-555795.74}  (not concave)
Iteration 5:{space 3}(outcome) log likelihood = {res:-510290.69}  (not concave)
Iteration 6:{space 3}(outcome) log likelihood = {res:-505795.63}  (not concave)
Iteration 7:{space 3}(outcome) log likelihood = {res:-503912.16}  (not concave)
Iteration 8:{space 3}(outcome) log likelihood = {res:-503467.25}  
Iteration 9:{space 3}(outcome) log likelihood = {res:-502691.04}  
Iteration 10:{space 2}(outcome) log likelihood = {res:-502355.82}  
Iteration 11:{space 2}(outcome) log likelihood = {res:-501580.03}  
Iteration 12:{space 2}(outcome) log likelihood = {res:-501560.47}  
Iteration 13:{space 2}(outcome) log likelihood = {res:-501560.37}  
Iteration 14:{space 2}(outcome) log likelihood = {res:-501560.37}  (backed up)

Refining starting values:

Iteration 0:{space 3}(EM) log likelihood = {res: -528797.9}
Iteration 1:{space 3}(EM) log likelihood = {res:-521320.27}
Iteration 2:{space 3}(EM) log likelihood = {res:-511588.46}
Iteration 3:{space 3}(EM) log likelihood = {res:   -503868}
Iteration 4:{space 3}(EM) log likelihood = {res:-499729.92}
Iteration 5:{space 3}(EM) log likelihood = {res:-497713.88}
Iteration 6:{space 3}(EM) log likelihood = {res:-496559.05}
Iteration 7:{space 3}(EM) log likelihood = {res:-495757.53}
Iteration 8:{space 3}(EM) log likelihood = {res:-495126.54}
Iteration 9:{space 3}(EM) log likelihood = {res:-494618.23}
Iteration 10:{space 2}(EM) log likelihood = {res: -494204.9}
Iteration 11:{space 2}(EM) log likelihood = {res:-493854.06}
Iteration 12:{space 2}(EM) log likelihood = {res:-493586.33}
Iteration 13:{space 2}(EM) log likelihood = {res:-493381.74}
Iteration 14:{space 2}(EM) log likelihood = {res:-493226.28}
Iteration 15:{space 2}(EM) log likelihood = {res:-493110.87}
Iteration 16:{space 2}(EM) log likelihood = {res:-493023.99}
Iteration 17:{space 2}(EM) log likelihood = {res:-492957.78}
Iteration 18:{space 2}(EM) log likelihood = {res:-492907.25}
Iteration 19:{space 2}(EM) log likelihood = {res:-492868.81}
Iteration 20:{space 2}(EM) log likelihood = {res:-492839.68}
{p}
Note: EM algorithm reached maximum iterations.
{p_end}

Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res: -482716.3}  
Iteration 1:{space 3}log pseudolikelihood = {res:-482715.13}  
Iteration 2:{space 3}log pseudolikelihood = {res:-482715.13}  
{res}
{txt}Finite mixture model{col 49}Number of obs{col 67}= {res}    44,741
{txt}Log pseudolikelihood = {res}-482715.13

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}{res}1.Class     {col 14}{txt}{c |}  (base outcome)
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}2.Class      {txt}{c |}
{space 7}_cons {c |}{col 14}{res}{space 2}-1.770628{col 26}{space 2}  .068022{col 37}{space 1}  -26.03{col 46}{space 3}0.000{col 54}{space 4}-1.903949{col 67}{space 3}-1.637307
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Class{col 16}: {res}1
{txt}Response{col 16}: {res}ASSETS
{txt}Model{col 16}: {res}nbreg, dispersion(constant)

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}ASSETS       {txt}{c |}
{space 9}ETR {c |}{col 14}{res}{space 2} .0003291{col 26}{space 2}  .000362{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4}-.0003803{col 67}{space 3} .0010386
{txt}{space 6}ETRxTD {c |}{col 14}{res}{space 2} .0000613{col 26}{space 2} .0007144{col 37}{space 1}    0.09{col 46}{space 3}0.932{col 54}{space 4}-.0013389{col 67}{space 3} .0014615
{txt}{space 5}lnSALES {c |}{col 14}{res}{space 2} .1421033{col 26}{space 2} .0145651{col 37}{space 1}    9.76{col 46}{space 3}0.000{col 54}{space 4} .1135563{col 67}{space 3} .1706503
{txt}{space 7}lnEMP {c |}{col 14}{res}{space 2} .3958008{col 26}{space 2} .0299639{col 37}{space 1}   13.21{col 46}{space 3}0.000{col 54}{space 4} .3370726{col 67}{space 3}  .454529
{txt}{space 7}lnGDP {c |}{col 14}{res}{space 2} .0227362{col 26}{space 2}  .111139{col 37}{space 1}    0.20{col 46}{space 3}0.838{col 54}{space 4}-.1950923{col 67}{space 3} .2405646
{txt}{space 5}lnKLRAT {c |}{col 14}{res}{space 2} .2362768{col 26}{space 2} .0225764{col 37}{space 1}   10.47{col 46}{space 3}0.000{col 54}{space 4} .1920279{col 67}{space 3} .2805257
{txt}{space 5}lnSKILL {c |}{col 14}{res}{space 2}-.1441786{col 26}{space 2} .0409771{col 37}{space 1}   -3.52{col 46}{space 3}0.000{col 54}{space 4}-.2244923{col 67}{space 3}-.0638649
{txt}{space 5}lnLABOR {c |}{col 14}{res}{space 2}-.0560543{col 26}{space 2} .0685404{col 37}{space 1}   -0.82{col 46}{space 3}0.413{col 54}{space 4} -.190391{col 67}{space 3} .0782825
{txt}{space 6}lnMARK {c |}{col 14}{res}{space 2} .2614164{col 26}{space 2} .0998781{col 37}{space 1}    2.62{col 46}{space 3}0.009{col 54}{space 4} .0656589{col 67}{space 3} .4571738
{txt}{space 4}lnPOPDEN {c |}{col 14}{res}{space 2}-.3826829{col 26}{space 2} .0755901{col 37}{space 1}   -5.06{col 46}{space 3}0.000{col 54}{space 4}-.5308368{col 67}{space 3} -.234529
{txt}{space 4}lnINFRAS {c |}{col 14}{res}{space 2}-.0656405{col 26}{space 2} .0383569{col 37}{space 1}   -1.71{col 46}{space 3}0.087{col 54}{space 4}-.1408186{col 67}{space 3} .0095377
{txt}{space 3}lnFINANCE {c |}{col 14}{res}{space 2}-.0746941{col 26}{space 2} .0574556{col 37}{space 1}   -1.30{col 46}{space 3}0.194{col 54}{space 4}-.1873049{col 67}{space 3} .0379168
{txt}{space 4}lnINVFOR {c |}{col 14}{res}{space 2} -.030093{col 26}{space 2} .0179951{col 37}{space 1}   -1.67{col 46}{space 3}0.094{col 54}{space 4}-.0653626{col 67}{space 3} .0051767
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2} .0235111{col 26}{space 2} .0190863{col 37}{space 1}    1.23{col 46}{space 3}0.218{col 54}{space 4}-.0138974{col 67}{space 3} .0609196
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2} .0245728{col 26}{space 2} .0409676{col 37}{space 1}    0.60{col 46}{space 3}0.549{col 54}{space 4}-.0557222{col 67}{space 3} .1048679
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} .0480194{col 26}{space 2} .0608025{col 37}{space 1}    0.79{col 46}{space 3}0.430{col 54}{space 4}-.0711514{col 67}{space 3} .1671901
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} .0449077{col 26}{space 2} .0727388{col 37}{space 1}    0.62{col 46}{space 3}0.537{col 54}{space 4}-.0976578{col 67}{space 3} .1874732
{txt}{space 6}ETRbar {c |}{col 14}{res}{space 2}-.0021689{col 26}{space 2} .0009594{col 37}{space 1}   -2.26{col 46}{space 3}0.024{col 54}{space 4}-.0040492{col 67}{space 3}-.0002885
{txt}{space 3}ETRxTDbar {c |}{col 14}{res}{space 2}-.0012555{col 26}{space 2} .0023429{col 37}{space 1}   -0.54{col 46}{space 3}0.592{col 54}{space 4}-.0058474{col 67}{space 3} .0033365
{txt}{space 2}lnSALESbar {c |}{col 14}{res}{space 2} .0622052{col 26}{space 2} .0173105{col 37}{space 1}    3.59{col 46}{space 3}0.000{col 54}{space 4} .0282772{col 67}{space 3} .0961332
{txt}{space 4}lnEMPbar {c |}{col 14}{res}{space 2} .3126436{col 26}{space 2}  .030825{col 37}{space 1}   10.14{col 46}{space 3}0.000{col 54}{space 4} .2522276{col 67}{space 3} .3730595
{txt}{space 4}lnGDPbar {c |}{col 14}{res}{space 2} -.024088{col 26}{space 2} .1172288{col 37}{space 1}   -0.21{col 46}{space 3}0.837{col 54}{space 4}-.2538522{col 67}{space 3} .2056762
{txt}{space 2}lnKLRATbar {c |}{col 14}{res}{space 2} .3121524{col 26}{space 2} .0221416{col 37}{space 1}   14.10{col 46}{space 3}0.000{col 54}{space 4} .2687556{col 67}{space 3} .3555492
{txt}{space 2}lnSKILLbar {c |}{col 14}{res}{space 2} .2165347{col 26}{space 2}  .045574{col 37}{space 1}    4.75{col 46}{space 3}0.000{col 54}{space 4} .1272113{col 67}{space 3}  .305858
{txt}{space 2}lnLABORbar {c |}{col 14}{res}{space 2} .1868671{col 26}{space 2} .1046367{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4} -.018217{col 67}{space 3} .3919513
{txt}{space 3}lnMARKbar {c |}{col 14}{res}{space 2}-.0884464{col 26}{space 2} .0956954{col 37}{space 1}   -0.92{col 46}{space 3}0.355{col 54}{space 4}-.2760059{col 67}{space 3} .0991132
{txt}{space 1}lnPOPDENbar {c |}{col 14}{res}{space 2} .2514832{col 26}{space 2} .0786604{col 37}{space 1}    3.20{col 46}{space 3}0.001{col 54}{space 4} .0973116{col 67}{space 3} .4056547
{txt}{space 1}lnINFRASbar {c |}{col 14}{res}{space 2}-.0381798{col 26}{space 2} .0465301{col 37}{space 1}   -0.82{col 46}{space 3}0.412{col 54}{space 4}-.1293771{col 67}{space 3} .0530175
{txt}lnFINANCEbar {c |}{col 14}{res}{space 2} .0295795{col 26}{space 2} .0671726{col 37}{space 1}    0.44{col 46}{space 3}0.660{col 54}{space 4}-.1020763{col 67}{space 3} .1612354
{txt}{space 1}lnINVFORbar {c |}{col 14}{res}{space 2} .0480137{col 26}{space 2} .0262601{col 37}{space 1}    1.83{col 46}{space 3}0.067{col 54}{space 4}-.0034552{col 67}{space 3} .0994825
{txt}{space 4}y2006bar {c |}{col 14}{res}{space 2}  .116178{col 26}{space 2} .0762209{col 37}{space 1}    1.52{col 46}{space 3}0.127{col 54}{space 4}-.0332123{col 67}{space 3} .2655683
{txt}{space 4}y2007bar {c |}{col 14}{res}{space 2} .0352387{col 26}{space 2} .0782304{col 37}{space 1}    0.45{col 46}{space 3}0.652{col 54}{space 4}-.1180901{col 67}{space 3} .1885675
{txt}{space 4}y2008bar {c |}{col 14}{res}{space 2}-.0117727{col 26}{space 2} .0971096{col 37}{space 1}   -0.12{col 46}{space 3}0.904{col 54}{space 4} -.202104{col 67}{space 3} .1785587
{txt}{space 4}y2009bar {c |}{col 14}{res}{space 2} .0187633{col 26}{space 2} .1053888{col 37}{space 1}    0.18{col 46}{space 3}0.859{col 54}{space 4} -.187795{col 67}{space 3} .2253216
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.288406{col 26}{space 2} .8634407{col 37}{space 1}   -1.49{col 46}{space 3}0.136{col 54}{space 4}-2.980719{col 67}{space 3} .4039068
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}/ASSETS      {txt}{c |}
{space 5}lndelta {c |}{col 14}{res}{space 2} 8.717605{col 26}{space 2} .0385313{col 54}{space 4} 8.642085{col 67}{space 3} 8.793125
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}Class{col 16}: {res}2
{txt}Response{col 16}: {res}ASSETS
{txt}Model{col 16}: {res}nbreg, dispersion(constant)

{txt}{ralign 78:(Std. Err. adjusted for {res:15,034} clusters in FIRM_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}ASSETS       {txt}{c |}
{space 9}ETR {c |}{col 14}{res}{space 2} .0010592{col 26}{space 2} .0007625{col 37}{space 1}    1.39{col 46}{space 3}0.165{col 54}{space 4}-.0004353{col 67}{space 3} .0025537
{txt}{space 6}ETRxTD {c |}{col 14}{res}{space 2}-.0010457{col 26}{space 2} .0012289{col 37}{space 1}   -0.85{col 46}{space 3}0.395{col 54}{space 4}-.0034544{col 67}{space 3}  .001363
{txt}{space 5}lnSALES {c |}{col 14}{res}{space 2}  .269183{col 26}{space 2} .0336175{col 37}{space 1}    8.01{col 46}{space 3}0.000{col 54}{space 4} .2032939{col 67}{space 3} .3350721
{txt}{space 7}lnEMP {c |}{col 14}{res}{space 2} .1672957{col 26}{space 2} .0480996{col 37}{space 1}    3.48{col 46}{space 3}0.001{col 54}{space 4} .0730223{col 67}{space 3} .2615692
{txt}{space 7}lnGDP {c |}{col 14}{res}{space 2} .1737966{col 26}{space 2} .2283827{col 37}{space 1}    0.76{col 46}{space 3}0.447{col 54}{space 4}-.2738253{col 67}{space 3} .6214186
{txt}{space 5}lnKLRAT {c |}{col 14}{res}{space 2} .0329846{col 26}{space 2} .0355045{col 37}{space 1}    0.93{col 46}{space 3}0.353{col 54}{space 4} -.036603{col 67}{space 3} .1025722
{txt}{space 5}lnSKILL {c |}{col 14}{res}{space 2}-.1039756{col 26}{space 2} .0859989{col 37}{space 1}   -1.21{col 46}{space 3}0.227{col 54}{space 4}-.2725302{col 67}{space 3} .0645791
{txt}{space 5}lnLABOR {c |}{col 14}{res}{space 2}-.0498904{col 26}{space 2} .1289478{col 37}{space 1}   -0.39{col 46}{space 3}0.699{col 54}{space 4}-.3026235{col 67}{space 3} .2028426
{txt}{space 6}lnMARK {c |}{col 14}{res}{space 2}-.0641468{col 26}{space 2} .1799597{col 37}{space 1}   -0.36{col 46}{space 3}0.722{col 54}{space 4}-.4168614{col 67}{space 3} .2885678
{txt}{space 4}lnPOPDEN {c |}{col 14}{res}{space 2}-.1493631{col 26}{space 2} .1725173{col 37}{space 1}   -0.87{col 46}{space 3}0.387{col 54}{space 4}-.4874908{col 67}{space 3} .1887646
{txt}{space 4}lnINFRAS {c |}{col 14}{res}{space 2}-.0560534{col 26}{space 2}  .064851{col 37}{space 1}   -0.86{col 46}{space 3}0.387{col 54}{space 4} -.183159{col 67}{space 3} .0710522
{txt}{space 3}lnFINANCE {c |}{col 14}{res}{space 2}-.1356199{col 26}{space 2} .1259811{col 37}{space 1}   -1.08{col 46}{space 3}0.282{col 54}{space 4}-.3825384{col 67}{space 3} .1112985
{txt}{space 4}lnINVFOR {c |}{col 14}{res}{space 2}-.0390244{col 26}{space 2} .0468415{col 37}{space 1}   -0.83{col 46}{space 3}0.405{col 54}{space 4} -.130832{col 67}{space 3} .0527832
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2}-.0256963{col 26}{space 2} .0360965{col 37}{space 1}   -0.71{col 46}{space 3}0.477{col 54}{space 4}-.0964441{col 67}{space 3} .0450516
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2}-.0351159{col 26}{space 2}  .073738{col 37}{space 1}   -0.48{col 46}{space 3}0.634{col 54}{space 4}-.1796398{col 67}{space 3}  .109408
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} .0380176{col 26}{space 2} .1012595{col 37}{space 1}    0.38{col 46}{space 3}0.707{col 54}{space 4}-.1604473{col 67}{space 3} .2364825
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} .0483173{col 26}{space 2}  .127139{col 37}{space 1}    0.38{col 46}{space 3}0.704{col 54}{space 4}-.2008705{col 67}{space 3} .2975051
{txt}{space 6}ETRbar {c |}{col 14}{res}{space 2}-.0046946{col 26}{space 2} .0050351{col 37}{space 1}   -0.93{col 46}{space 3}0.351{col 54}{space 4}-.0145631{col 67}{space 3} .0051739
{txt}{space 3}ETRxTDbar {c |}{col 14}{res}{space 2}-.0054354{col 26}{space 2}   .00846{col 37}{space 1}   -0.64{col 46}{space 3}0.521{col 54}{space 4}-.0220167{col 67}{space 3} .0111458
{txt}{space 2}lnSALESbar {c |}{col 14}{res}{space 2}-.0718769{col 26}{space 2} .0381902{col 37}{space 1}   -1.88{col 46}{space 3}0.060{col 54}{space 4}-.1467284{col 67}{space 3} .0029745
{txt}{space 4}lnEMPbar {c |}{col 14}{res}{space 2} .3733162{col 26}{space 2} .0551987{col 37}{space 1}    6.76{col 46}{space 3}0.000{col 54}{space 4} .2651288{col 67}{space 3} .4815036
{txt}{space 4}lnGDPbar {c |}{col 14}{res}{space 2}-.0052587{col 26}{space 2} .2490573{col 37}{space 1}   -0.02{col 46}{space 3}0.983{col 54}{space 4} -.493402{col 67}{space 3} .4828846
{txt}{space 2}lnKLRATbar {c |}{col 14}{res}{space 2} .4283507{col 26}{space 2}  .047117{col 37}{space 1}    9.09{col 46}{space 3}0.000{col 54}{space 4} .3360031{col 67}{space 3} .5206982
{txt}{space 2}lnSKILLbar {c |}{col 14}{res}{space 2} .0570037{col 26}{space 2} .1100812{col 37}{space 1}    0.52{col 46}{space 3}0.605{col 54}{space 4}-.1587514{col 67}{space 3} .2727588
{txt}{space 2}lnLABORbar {c |}{col 14}{res}{space 2}-.0262933{col 26}{space 2}  .240509{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4}-.4976822{col 67}{space 3} .4450955
{txt}{space 3}lnMARKbar {c |}{col 14}{res}{space 2}-.0776613{col 26}{space 2} .1933292{col 37}{space 1}   -0.40{col 46}{space 3}0.688{col 54}{space 4}-.4565796{col 67}{space 3}  .301257
{txt}{space 1}lnPOPDENbar {c |}{col 14}{res}{space 2} .2365989{col 26}{space 2}   .18903{col 37}{space 1}    1.25{col 46}{space 3}0.211{col 54}{space 4}-.1338931{col 67}{space 3} .6070909
{txt}{space 1}lnINFRASbar {c |}{col 14}{res}{space 2} .0301114{col 26}{space 2} .0930032{col 37}{space 1}    0.32{col 46}{space 3}0.746{col 54}{space 4}-.1521714{col 67}{space 3} .2123943
{txt}lnFINANCEbar {c |}{col 14}{res}{space 2} .0369966{col 26}{space 2} .1490361{col 37}{space 1}    0.25{col 46}{space 3}0.804{col 54}{space 4}-.2551086{col 67}{space 3} .3291019
{txt}{space 1}lnINVFORbar {c |}{col 14}{res}{space 2}-.1059185{col 26}{space 2} .0603575{col 37}{space 1}   -1.75{col 46}{space 3}0.079{col 54}{space 4} -.224217{col 67}{space 3}   .01238
{txt}{space 4}y2006bar {c |}{col 14}{res}{space 2} .1273039{col 26}{space 2} .2130805{col 37}{space 1}    0.60{col 46}{space 3}0.550{col 54}{space 4}-.2903262{col 67}{space 3} .5449339
{txt}{space 4}y2007bar {c |}{col 14}{res}{space 2} .1173221{col 26}{space 2} .2089678{col 37}{space 1}    0.56{col 46}{space 3}0.575{col 54}{space 4}-.2922473{col 67}{space 3} .5268915
{txt}{space 4}y2008bar {c |}{col 14}{res}{space 2} .0473717{col 26}{space 2} .2778453{col 37}{space 1}    0.17{col 46}{space 3}0.865{col 54}{space 4} -.497195{col 67}{space 3} .5919384
{txt}{space 4}y2009bar {c |}{col 14}{res}{space 2} .2944676{col 26}{space 2} .3187699{col 37}{space 1}    0.92{col 46}{space 3}0.356{col 54}{space 4}-.3303099{col 67}{space 3} .9192452
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.297492{col 26}{space 2} 2.116196{col 37}{space 1}    1.56{col 46}{space 3}0.119{col 54}{space 4}-.8501768{col 67}{space 3}  7.44516
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}/ASSETS      {txt}{c |}
{space 5}lndelta {c |}{col 14}{res}{space 2} 12.36858{col 26}{space 2} .1408489{col 54}{space 4} 12.09252{col 67}{space 3} 12.64464
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. test _b[ASSETS:2.Class#c.ETRxTD] - _b[ASSETS:1.Class#c.ETRxTD]==0

{p 0 7}{space 1}{text:( 1)}{space 1}{space 1}{res}- [ASSETS]1bn.Class#c.ETRxTD + [ASSETS]2.Class#c.ETRxTD = 0{p_end}

{txt}{col 12}chi2(  1) ={res}    0.47
{txt}{col 10}Prob > chi2 =  {res}  0.4944
{txt}
{com}. est store component2
{txt}
{com}. estat ic

Akaike's information criterion and Bayesian information criterion

{txt}{hline 13}{c TT}{hline 63}
       Model {c |}        Obs  ll(null)  ll(model)      df         AIC        BIC
{hline 13}{c +}{hline 63}
{ralign 12:{stata estimates replay component2:component2}}{col 14}{c |}{res}{col 16}    44,741{col 27}        .{col 38}-482715.1{col 49}    73{col 58} 965576.3{col 69}   966212
{txt}{hline 13}{c BT}{hline 63}
{p 15 21 2}
Note: N=Obs used in calculating BIC; see {helpb bic_note:[R] BIC note}.
{p_end}

{com}. matrix comp2 = r(S)
{txt}
{com}. 
. // Evidence that the 2 component model is better that 1 component model
. matrix list comp1 
{res}
{txt}comp1[1,6]
                     N         ll0          ll          df         AIC         BIC
component1 {res}      44741  -520463.47  -502128.44          36   1004328.9   1004642.4
{reset}
{com}. matrix list comp2
{res}
{txt}comp2[1,6]
                     N         ll0          ll          df         AIC         BIC
component2 {res}      44741           .  -482715.13          73   965576.26   966211.99
{reset}
{com}. lrtest component1 component2, force

{txt}Likelihood-ratio test{col 55}LR chi2({res}37{txt}){col 67}={res}  38826.63
{txt}(Assumption: {res}{stata est replay component1:component1}{txt} nested in {res}{stata est replay component2:component2}{txt}){col 55}Prob > chi2 = {res}   0.0000
{txt}
{com}. 
. etime
{res}Elapsed time is 1 minutes 29 seconds 
{txt}
{com}. 
. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}\\file\UsersW$\wrr15\Home\My Documents\My Files\FIGO'S PAPER\REVISION FOR ECONOMICS E-JOURNAL\Revision (20180407)\FILES FROM FIGO (20180420)\Robust2Results.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}20 Apr 2018, 09:09:24
{txt}{.-}
{smcl}
{txt}{sf}{ul off}